Pot firms gain as US health agency recommends easing restrictions on weed

Green Thumb Industries

31/08/2023 15:48

** Shares of cannabis firms rise after US Department of
Health and Human Services (HHS)recommended substance
reclassification as lower risk following an 11-month review
    ** Shares of Cronos Group  CRON.TO , OrganiGram Holdings
 OGI.TO , Aurora Cannabis  ACB.TO , Canopy Growth  WEED.TO  jump
between 3% and 10%
    ** Verano Holdings  VRNO.CD , Green Thumb Industries
 GTII.CD , Cresco Labs  CL.CD  and Curaleaf Holdings  CURA.CD 
and Goodness Growth  GDNS.CD  climb between 5% and 14%
    ** SNDL  SNDL.O  and Tilray Brands  TLRY.O  rise 8% and
6.4%, respectively
    ** Marijuana is currently classified as a schedule I drug
and HHS is recommending reclassifying to schedule III, as per a
letter sent to the Drug Enforcement Administration (DEA) on
Tuesday 
    ** "Move to Schedule III would eliminate the onerous tax
treatment of U.S. multi state operators, and represent a major
legitimizing event for the industry that could draw
participation from institutions and strategic investors who have
hitherto largely been sidelined by its Schedule I status" -
Eight Capital analyst Ty Collin

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))